Lumentum (NASDAQ:LITE) had its target price boosted by analysts at DA Davidson to $101.00 in a report released on Wednesday, The Fly reports. The firm currently has a “buy” rating on the technology company’s stock. DA Davidson’s price target would suggest a potential upside of 82.31% from the stock’s current price.
Several other research firms have also issued reports on LITE. Morgan Stanley raised Lumentum from an “underweight” rating to an “equal weight” rating and set a $46.00 price objective for the company in a research note on Tuesday, January 23rd. Barclays raised Lumentum from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $65.00 to $67.00 in a research note on Wednesday, January 10th. BidaskClub lowered Lumentum from a “hold” rating to a “sell” rating in a research note on Friday, December 29th. Zacks Investment Research lowered Lumentum from a “buy” rating to a “hold” rating in a research note on Wednesday, October 25th. Finally, Stifel Nicolaus decreased their price target on Lumentum from $75.00 to $66.00 and set a “buy” rating for the company in a research note on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $70.41.
Shares of Lumentum (LITE) opened at $55.40 on Wednesday. The stock has a market capitalization of $3,430.00 and a P/E ratio of 38.21. Lumentum has a one year low of $40.35 and a one year high of $68.63. The company has a quick ratio of 4.38, a current ratio of 4.84 and a debt-to-equity ratio of 0.38.
In other Lumentum news, Director Martin A. Kaplan sold 15,000 shares of the firm’s stock in a transaction on Monday, November 13th. The stock was sold at an average price of $57.07, for a total transaction of $856,050.00. Following the transaction, the director now directly owns 29,573 shares in the company, valued at approximately $1,687,731.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Penny Herscher sold 822 shares of the firm’s stock in a transaction on Friday, December 8th. The stock was sold at an average price of $50.61, for a total value of $41,601.42. Following the transaction, the director now owns 34,793 shares in the company, valued at $1,760,873.73. The disclosure for this sale can be found here. Insiders have sold a total of 31,643 shares of company stock worth $1,806,554 over the last 90 days. 0.76% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pacer Advisors Inc. purchased a new position in Lumentum during the 3rd quarter worth $434,000. Shelton Capital Management purchased a new position in Lumentum during the 2nd quarter worth $314,000. Schwab Charles Investment Management Inc. increased its holdings in Lumentum by 9.8% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 320,195 shares of the technology company’s stock worth $17,403,000 after purchasing an additional 28,695 shares during the period. DekaBank Deutsche Girozentrale purchased a new position in Lumentum during the 3rd quarter worth $318,000. Finally, Macquarie Group Ltd. increased its holdings in Lumentum by 21.5% during the 3rd quarter. Macquarie Group Ltd. now owns 114,540 shares of the technology company’s stock worth $6,225,000 after purchasing an additional 20,244 shares during the period.
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Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).
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